The Real Estate Minute: Renting vs. Buying

There are hundreds of homes on the market and everyday we hear more about the benefits of home ownership. So why aren't more people jumping on the bandwagon?

Well for some renting may be a better option.

Renting vs. Buying

Step 1: Monthly Expenses

Figure out how much buying a home in your estimated price range will really cost you each month including all the expenses like insurance, homeowners association fees, taxes and utilities.

Step 2: Follow the Money

Set up a new bank account. On the first day of each month - deposit whatever the difference is between your current rent and what your projected home-ownership costs would be.

Step 3: Track Your Progress

Do this every month for six months. If you are late in your payments, or if you feel stressed out trying to make the payments, you should take this as a sign that you may not be financially ready to become a homeowner.

If, on the other hand, it was easy for you to make the extra monthly payment, that's a financial sign you can probably afford to buy the house you want.

That's the good news. The great news is you should now have a few extra thousand dollars you saved during this six-month test that will come in handy to help pay for your closing costs on the mortgage,

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